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The fee test: Comyn pressed on why coffee costs $5.08
WATCH LIVE: Matt Comyn is the first to front big four banks review; Jim Chalmers doesn’t believe temporary rebates are artificially pushing down inflation; Israeli forces launch operation. Follow live updates.
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‘We’re taking down about 50 fake CBA websites per week’: Comyn
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Cash and card costs not ‘like-for-like comparison’: Comyn
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- Updated
- Earnings season
Qantas talks up travel demand but margins cut in reputation repair job
The airline reported $2.08 billion in earnings for the last financial year, down 18 per cent from a record result in 2023.
- Opinion
- Chanticleer
Why Nvidia’s stunning quarter still leaves room for doubt
The debate about the AI market darling isn’t whether it is fabulously profitable or growing like a rocket ship, but whether its growth can keep going.
- Live
- Markets Live
ASX drops as Cettire craters; Bega, IGO leap post results
Shares fall; Nvidia’s forecast disappoints; Sandfire ups revenue; higher profit for Wesfarmers; Atlas Arteria & Qantas profit drop; Southern Cross skips dividend. Follow updates here.
Albanese has a hot-mic moment in the Pacific
Anthony Albanese played down a conversation with a top US official over the Pacific police pact, and questioned a journalist’s ethics for recording the exchange.
Uncover Jewish chat group doxxers or risk violence, Labor elders say
Former Labor MP Mike Kelly says if the people responsible for doxxing Jewish creatives were not held accountable, they would be emboldened to take further action.
- Opinion
- US election
Harris’ refusal to answer questions is only hurting herself
The Democratic presidential nominee’s reluctance to do media interviews will not help sell her to undecided voters before the November election, writes Ed Luce.
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Companies
Kmart sparkle sends Wesfarmers’ profits and dividends higher
While the conglomerate’s retail brands including Bunnings and Officeworks posted increased earnings, the company’s mining and energy businesses went backwards.
Mineral Resources ditches dividend for first time in a decade
Chris Ellison-led MinRes says it will defer expansion projects and focus on cost reduction after ending the financial year with net debt of almost $4.43 billion.
Rio Tinto poised to take control of uranium project clean-up
Rio Tinto is attempting to end decades of disputes with minority investors, traditional owners and governments over the project in the Northern Territory.
- Updated
- Earnings season
Woolworths loses ground to Coles after tumultuous year
The major retailer recorded a slight fall in underlying profit, which were all but wiped out by a big write-down in its New Zealand business.
APRA wants ANZ bonus scalps over bond scandal
John Lonsdale expects ANZ’s board to apply a new remuneration standard, which came into force last year, to impose pay penalties over “non-financial risks”.
Nine reveals how much it paid to air Paris Olympics
The rights to the Paris 2024 Olympic Games through to Brisbane 2032 cost Nine $305 million.
Flight Centre reveals who is travelling (and who isn’t)
The travel booking company has streamlined and boosted efficiency and says the corporate travel segment is still weak but it’s still winning market share.
Companies in the News
Search companies
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Markets
Nvidia’s sales forecast fails to meet lofty expectations
The outlook threatens to tamp down an AI frenzy that has transformed Nvidia into the world’s second-most-valuable company.
Warren Buffett’s Berkshire Hathaway tops $US1 trillion market cap
The conglomerate has become the first US company outside the technology sector to reach the 13-figure milestone, after its shares rose 30 per cent this year.
ASX investors paying ‘eye-watering’ prices despite weak earnings
Investors in Australia’s sharemarket are increasingly getting less bang for their buck for some of the biggest names on the ASX, but they are paying it anyway.
Why a surging gold price could signal ‘more sinister’ times ahead
Investors are being urged to look further into the record-breaking rally in gold prices, and a “quiet trade” unfolding in Russia and China.
China bond bulls warned of bubble risk over bumper debt supply
People close to the Chinese central bank say a wave of new issuance could burst the market “bubble”.
Opinion
Labor losing ground on left and right
Labor’s fury at Greens MP Max Chandler-Mather over his CFMEU support is a convenient political distraction.
Columnist
Harris’ refusal to answer questions is only hurting herself
The Democratic presidential nominee’s reluctance to do media interviews will not help sell her to undecided voters before the November election.
Columnist
Have universities brought Clare’s hard cap on themselves?
It’s a populist political fix for cutting immigration. But a failure of university self-regulation has also led to government intervention.
Editorial
Shouldn’t retirees be on super boards too?
Super funds have changed since the Cooper inquiry recommended more independent directors. Now, it might be a case of why stop there?
China’s EVs good for Aussie drivers, bad for global trade war
Inside Australia’s national security and economic agencies, a new vexing issue about China is being discussed.
Economics editor
Biden was good at managing America’s decline
Between the peak of something and its ultimate demise, a vast amount can be achieved. Perhaps it took a man who became president at 78 to see the point.
Contributor
Reports
Higher Education Awards
The Higher Education Awards highlight the tremendous contribution that the Higher Education sector makes to Australian capability, prosperity and society.
Politics
Pressure on power grid eases as EV uptake falters
The Australian Energy Market Operator also cited softer economic growth and the bigger size of rooftop solar systems for the cut in forecast demand from the grid.
King pushes back on Pilbara union push ‘hysteria’
Resources Minister Madeleine King says the Albanese government’s industrial relations laws are working “as intended” despite warnings from major Pilbara miners.
Labor, teals turn on Greens over CFMEU embrace
Zoe Daniel and Allegra Spender have joined the Albanese government in castigating the Greens for cosying up to the CFMEU.
Uni student caps ‘dramatically bad for the economy’
Economists are not impressed by the decision to cap international student places.
Power rebates hide inflation threat, with no rate cuts in sight
Headline inflation fell to 3.5 per cent in July partly thanks to temporary energy rebates, meaning the RBA is likely to keep interest rates where they are.
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World
Telegram boss charged, blocked from leaving France
Pavel Durov faces preliminary charges over the alleged failure to address criminality on the messaging app, including the distribution of sexual abuse content.
Even Temu is crashing, in red flag for China’s economy
PDD Holdings, owner of market darling Temu, has surprised investors with an unusually gloomy outlook, as the nation’s economic malaise takes a toll on demand.
‘Obscenely greedy’ oil execs jailed over vast 1MDB fraud
A Swiss court found the former PetroSaudi executives responsible for embezzling $2.6 billion in what the court heard was the “fraud of the century”.
Japan orders 800,000 people to evacuate ahead of powerful typhoon
Authorities say Typhoon Shanshan could be one of the strongest storms to hit the region, prompting emergency warnings across the country.
Trump hit with new US criminal charges before election
Prosecutors are attempting to tailor the fresh charges against Donald Trump to reflect the Supreme Court decision on presidential immunity.
Property
Dreaming of a tree change? You might be too late
Housing approval numbers in many regional areas went backwards in the past financial year, while capital cities fared a lot better, official data shows.
- Exclusive
- Building Bad
How construction failures push up costs for builders – and consumers
Union officials with unchecked power on construction sites force builders to cover costs of insolvent subcontractors, which in turn pushes up costs for home buyers.
- Exclusive
- Luxury property
Late Foxtel boss’ luxury weekender sets Central Coast record
The luxury weekender owned by one of Australia’s most influential entertainment pioneers, the late Brian Walsh, sold for an undisclosed price understood to be between $9.5 million and $10 million.
Home building goes backwards as infrastructure booms
Developers and economists say conditions might improve soon for detached homes, but there’s no sign of any change that would get apartments going up again.
- Exclusive
- Luxury property
John Singleton puts ‘for sale’ sign on $16m Central Coast acreage
Rich lister adman John Singleton has listed his Killcare acreage on the NSW Central Coast just ten months after buying it for a suburb record of $15.85m.
Wealth
- Opinion
- Economics explained
The two words you should always treat with caution in business
Sentences which begin “Studies show...” are often followed by a description of a correlation interpreted as if it were a causal relationship - when it’s not.
Yachts, fine art and investment properties targeted by ATO
The ATO will use data from insurance and property management companies to cross-check taxpayer claims.
- Opinion
- SMSFs
Beware – DIY repairs and renovations are a minefield for SMSFs
Doing work on a property owned by your SMSF is fraught with danger because of strict tax and superannuation laws. Here’s what you need to know.
Technology
Ray Dalio to beta test an AI version of himself
Billionaire Ray Dalio created the world’s biggest hedge fund, now he’s recreating himself with AI to share his principles.
No sweetener for NextDC in AirTrunk’s $20b auction
The CEO of data centre group NextDC, Craig Scroggie, doesn’t expect AirTrunk’s sale to influence the way his company is valued by the sharemarket.
Chip challengers try to break Nvidia’s grip on AI
Cerebras, d-Matrix and Groq are among a group of smaller companies aiming to take a slice of the multibillion-dollar artificial intelligence hardware market.
Work & Careers
Five times you shouldn’t trust your gut as a leader
Gayle Dickerson says relying on intuition can be useful when you’re dealing with imperfect information.
- Exclusive
- CFMEU
Veteran CFMEU leader may return as rebels jockey for hearts and minds
Respected former construction union leader Andrew Ferguson may be a key appointee to help clean up the CFMEU.
Life & Luxury
‘Kneecap’ and ‘Touch’: edgy Irish hip-hop and an Icelandic romance
The fictionalised biopic of a loud, incomprehensible band has a rough and ready quality, while a heart-warming drama somehow manages to keep the lid on the treacle jar
Private investigator’s weapons fetch a fortune
Warren Mallard penchant’s for “edged” weapons has paid off, while James Wolfensohn’s modern Australian classics get a mixed reception.
This designer blends sweet with subversive. No wonder Gaga is a fan
Fresh from a couture collaboration with Jean Paul Gaultier, Irish designer Simone Rocha is reimagining femininity.
Revealed: the two key ages when your body has a ‘mid-life crisis’
Scientists who assessed more than 135,000 molecules in people aged 25 to 75 expected to see linear changes with age, but instead they discovered “cliff edges”.
- Drinks With Max Allen
- Wine & spirits
How a dinner conversation led to a vineyard purchase
Novice owners are writing the next chapter at a top Mornington Peninsula estate.
